GEO Group Inc. and GEO Corrections Holdings Inc. amended and restated their credit agreement with a syndicate of lenders, headed by BNP Paribas as the administrative agent, for the third time March 23.

The amended agreement will refinance GEO's prior $291.0 million term loan and will re-enable it to implement at a later date an Australian dollar letter of credit facility, increasing its prior allocation to A$275 million from A$225 million, among other changes.

Under the new agreement, GEO's credit facility will consist of an $800.0 million term loan maturing in seven years and a $900.0 million revolving credit facility maturing in four years, with interest at LIBOR plus 2.25% with a LIBOR floor of 0.75% and LIBOR plus 2.25% with no LIBOR floor, respectively.

The company has an outstanding borrowing of roughly $173.7 million, including about $53.6 million of issued letters of credit under its revolving credit facility, as of March 23.

As of March 29, US$1 was equivalent to A$1.31.